Amerityre Corporation (Nasdaq:AMTY) recently announced, as required by Nasdaq Marketplace Rule 5250(b) (2), that its previously filed consolidated financial statements for the fiscal year ended June 30, 2009, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2009, contained a going concern qualification from its independent registered public accounting firm. Nasdaq Marketplace Rule 5250(b)(2) requires separate public disclosure of a previously issued audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's fiscal year 2009 financial statements or to its Annual Report on Form 10-K.
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Amerityre Corporation was founded in 1995 as American Tire Corporation. The first products developed and sold by the new company were polyurethane foam tires based on the company’s proprietary chemical formulation technology. Since the tires were fabricated using a closed cell polyurethane material, they could never go flat. Thus, the company registered the Flatfree™ trade mark for this product. These tires have found broad acceptance in many everyday applications such as bicycles, wheelchairs, lawn and garden products, golf carts and commercial dollies. In 1999 we changed our name to Amerityre Corporation and continued development of the Flatfree™ technology. In 2003 we began development of our polyurethane Elastothane™ elastomer technology. This technology would allow us to ultimately develop a comprehensive line of tires and tire products based on polyurethane instead of rubber. These products include tire fill, solid tires, composite tires and pneumatic passenger vehicle tires. In April 2004 we successfully completed testing to Federal Motor Safety Vehicle Standard (FMVSS) 109 with our Arcus™ design passenger car tire and in November 2007 successfully completed testing to the new FMVSS 139 specification. We are a research and development company that has created a line of superior tire products based on proprietary polyurethane technologies and patented manufacturing processes. Amerityre will license this technology and provide proprietary polyurethane materials to select partners worldwide. Our executive and manufacturing facilities are located at 1501 Industrial Road, Boulder City, Nevada, and consist of a 49,500 square foot building, which includes approximately 5,500 square feet of office space.
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